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Oil prices set to fall

The price of oil will continue to fall over the next two years against a backdrop of rising gas and electricity costs if current trends continue, according to new research published today.

A study commissioned by the oil heating trade body, OFTEC, and the Federation of Petroleum suppliers (FPS), has used the historical relationship between Brent crude oil and kerosene prices to predict kerosene costs in the UK and Ireland up to and including early 2017.

Figures show the average annual cost of heating a three bedroom home by gas and electricity has increased over the last three years by 34% and 27% respectively. This compares to the cost of using an oil condensing boiler which has fallen by 12% over the same period and is now just £9 more per annum than gas to heat the same house.

A full copy of the report is available from OFTEC on request.

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